As interest rates dip, both refinance and purchase applications experience notable upticks.
Tagged: Mortgage Applications
Homebuyers and homeowners rush to secure mortgages as rates rise, with a 9.9% increase in applications despite the holiday season.
Holiday-adjusted data reveals a sharp decline in mortgage applications, with purchase activity down 12% from the previous year.
On an unadjusted basis, the Index showed a more pronounced decline, dipping by 3% compared to the preceding week.
The latest MBA report shows a marked increase in mortgage activity, driven by falling rates and a positive shift in market sentiment, despite challenges in purchase volume and inventory.
Refinancing activity gains momentum from lowest mortgage rates since August 2023.
Despite a 50 basis point decline in rates over past six weeks, purchase activity remained approximately 20% lower than the previous year.
30-Year Mortgage Rates Drop to 7.29% as Mortgage Applications Rise by 3%
Data from MBA Builder Application Survey reveals significant year-over-year growth.
Data from MBA's Weekly Mortgage Applications Survey reveals purchase and refinance applications increased to the highest weekly pace in five weeks